Land Securities buys out partner in Thomas More Square

LAND : Land Securities buys out partner in Thomas More Square

Land Securities is paying £85.3m to buy out its 50% joint venture partner in the Thomas More Square estate of offices and retail space in east London. The estate, which sits by the river between St. Katherine’s Dock and London Dock, covers 4.2 acres and currently has six office buildings that incorporate some retail, leisure and parking facilities, adding up in total to 520,000 sq ft of space. Land Securities got planning permission in June for a comprehensive refurbishment of Building 3 at Thomas More Square and a redesign of the estate’s public realm.  They hope the plans will transform the 570,000 sq ft estate into a “vibrant destination” for this part of London. This building will have 200,000 sq ft of fully refurbished office and retail space with a new double height entrance and an extensive business lounge, as well as a further 15,000 sq ft of new restaurant and retail space across the remainder of the estate. Ipsos MORI and Mitsui O.S.K. Lines (“MOL”) have already let 97,000 sq ft of Building 3 on 15 year leases with 10 year breaks, and a further 100,000 sq ft will be available from mid-2015.